本文選題：創(chuàng)業(yè)板　切入點：信息披露　出處：《華東政法大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：為了防范證券市場風(fēng)險，信息披露制度要求上市公司須真實、準(zhǔn)確、完整、及時、公平地向投資者和證券市場披露相關(guān)信息，以保護廣大投資者的利益。然而，應(yīng)披露信息可能涉及到上市公司的商業(yè)秘密。上市公司為了自身利益，會對商業(yè)秘密進行保護。如此一來，信息披露制度與商業(yè)秘密保護制度之間就產(chǎn)生了沖突。這一點對創(chuàng)業(yè)板上市公司信息披露制度來說尤為明顯，原因在于創(chuàng)業(yè)板上市公司信息披露制度對信息披露的要求更為嚴(yán)格。 雖然創(chuàng)業(yè)板信息披露制度與商業(yè)秘密保護制度之間存在沖突，但是也存在相同的一面。沖突主要表現(xiàn)為兩方面：立法的首要目的沖突及范圍的沖突。前者體現(xiàn)在信息披露制度的首要目的是保護投資者利益，而商業(yè)秘密保護制度的首要目的是保護上市公司利益，因此兩者之間產(chǎn)生了沖突。相同體現(xiàn)在兩者立法的深層目的都是為了維護公共利益，維護市場秩序，而立法的最終目的都是為了促進社會主義市場經(jīng)濟發(fā)展。因此，兩者之間存在協(xié)調(diào)的可能性。 至于如何協(xié)調(diào)，應(yīng)從對商業(yè)秘密及應(yīng)披露信息的范圍限定入手，減少兩者交叉的部分，以緩和兩種制度的沖突。對商業(yè)秘密范圍的限定應(yīng)采用公共利益抗辯規(guī)則，對應(yīng)披露信息范圍的限定應(yīng)參照交易價格較大影響標(biāo)準(zhǔn)。本文對商業(yè)秘密范圍的限定主要針對經(jīng)營信息，并主張可以參考司法實踐對于客戶名單的認(rèn)定標(biāo)準(zhǔn)來認(rèn)定其他經(jīng)營信息。而對應(yīng)披露信息范圍的限定，筆者認(rèn)為無需對部分容易涉及企業(yè)商業(yè)秘密但對投資者作出投資決策幫助不大的信息進行披露，并且應(yīng)對部分應(yīng)披露信息的內(nèi)容進行細(xì)化。 針對創(chuàng)業(yè)板市場中的特殊行業(yè)，立法者發(fā)布了特別的信息披露指引。對于其中的影視公司而言，鑒于部分應(yīng)披露信息對于投資者利益及公共利益的影響甚小，從利益平衡的角度出發(fā)，應(yīng)對該部分應(yīng)披露信息的內(nèi)容進行明確，以保護影視公司的利益。對于其中的醫(yī)藥公司而言，鑒于其所處的行業(yè)的特殊性，，其所生產(chǎn)的藥品關(guān)系到公眾健康，而目前信息披露制度對于醫(yī)藥公司披露有關(guān)藥品安全性的信息的規(guī)定還不完善，對此，不妨借鑒美國對于醫(yī)藥公司商業(yè)秘密的限制的相關(guān)理論與實踐。美國提出了如果基于公共健康的事由需要披露醫(yī)藥公司商業(yè)秘密，那么商業(yè)秘密權(quán)利人需符合諸多條件后才可能被豁免進行披露。筆者建議參照美國司法實踐所確定的標(biāo)準(zhǔn)對醫(yī)藥公司有關(guān)藥品安全性的信息的保護加以限制，在現(xiàn)行醫(yī)藥公司信息披露指引中增加需要醫(yī)藥公司及時報告的關(guān)于藥品安全的情形。
[Abstract]:In order to guard against the risk of securities market, the information disclosure system requires listed companies to disclose relevant information to investors and the securities market in a true, accurate, complete, timely and fair manner in order to protect the interests of the majority of investors. Disclosure of information may involve the trade secrets of the listed company. The listed company will protect the trade secret for its own benefit. There is a conflict between the information disclosure system and the trade secret protection system. This is especially obvious to the information disclosure system of listed companies on the gem. The reason lies in the gem listed companies information disclosure system more stringent requirements for information disclosure. Although there is a conflict between the gem information disclosure system and the trade secret protection system, But there is the same side. The conflict is mainly manifested in two aspects: the conflict of the primary purpose of legislation and the conflict of scope. The former embodies in the primary purpose of the information disclosure system is to protect the interests of investors. The primary purpose of the trade secret protection system is to protect the interests of listed companies, so there is a conflict between the two. The same manifestation is that the deep purpose of both legislation is to safeguard the public interest and maintain the market order. The ultimate purpose of legislation is to promote the development of socialist market economy. As for how to coordinate, we should start with the limitation of the scope of trade secret and the information to be disclosed, reduce the intersecting part of the two systems, so as to ease the conflict between the two systems. The rules of public interest defense should be used to limit the scope of trade secret. The limits of the range of information to be disclosed should refer to the standard of greater influence of transaction price. The limitation of the scope of trade secrets in this paper is mainly aimed at business information, And advocates that other business information can be identified by referring to the criteria for the identification of customer lists in judicial practice. And corresponding to the limits of the scope of disclosure of information, The author thinks that there is no need to disclose some information which is easy to involve in business secrets but not helpful for investors to make investment decisions, and the contents of disclosure should be refined. For special industries in the gem market, legislators have issued special information disclosure guidelines. For film and television companies among them, since some of the disclosure of information has little impact on the interests of investors and the public interest, From the angle of balance of interests, it is necessary to clarify the content of the information that should be disclosed in this part in order to protect the interests of the film and television companies. For the pharmaceutical companies among them, in view of the particularity of the industry in which they are located, The drugs they produce are related to public health, but the current information disclosure system is not perfect for pharmaceutical companies to disclose information about drug safety. We can learn from the relevant theories and practices of the United States regarding the restrictions on the trade secrets of pharmaceutical companies. The United States has proposed that if the disclosure of trade secrets of pharmaceutical companies is required for reasons of public health, Well, the right holders of trade secrets must meet many conditions before they can be exempted from disclosure. The author suggests restricting the protection of pharmaceutical companies' information on drug safety in the light of the standards established in judicial practice in the United States. To add to the current guidelines on pharmaceutical company information disclosure, pharmaceutical companies need to report on drug safety in a timely manner.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：D922.294;F832.51

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